A world-class chemical industrial zone will emerge in the south of Shanghai. Bordering the Jinshan petrochemical industrial zone on the west and a high-tech industrial zone on the east, the zone will cover 23.4 square km, a size similar to the Macao Special Administrative Region. Construction of three chemical projects involving Germany’s Bayer and two local petrochemical companies began earlier this month. In the coming five years, 12 major projects, including Sino-foreign joint ventures and solely foreign-funded ventures, will be put into operation, including a 900,000-ton ethylene joint venture involving the China Petro-Chem Corp. and BP-Amoco, with an investment of USD 3.4 billion. Bayer alone has mapped out an overall development plan in the zone to launch seven projects with a total investment of USD 3.4 billion.